Jackson Hewitt Tax Services is gearing up for a busy tax season. If you hope to cash in on some end-of-year deductions for your 2011 taxes, time is running out.
"I know a lot of people starting to go through their files and folders," comments a tax preparer.
Jeff Davidson says they're trying to help taxpayers get as many deductions as possible so they can either get a bigger refund or owe less money. The most popular deduction is making a charitable donation.
"Clothing and furniture to Goodwill or Salvation Army or something like that, churches, Blair Batson Hospital, those type things," explains Davidson.
If you can afford it, paying off your medical bills by the end of the year can also help. Susan Norris adds that some teachers can also qualify for a deduction if they paid out-of-pocket for items for their classroom.
"Teachers can take up to 250-dollars as an adjustment to income to help lower their taxes," continues Norris.
But, Norris tells News Channel 12 that taxpayers will not be able to cash in on some extra money offered in 2010.
"Last year, most of us who worked had the 'Making Work Pay Credit.’ If everything was the same as last year, your refund will be a little bit smaller because the credit has expired," recalls Norris.
That’s 400-dollars per person less than in 2010.
Norris also warns that if your child turned 17 this year, you will no longer be eligible for the one-thousand dollar deduction.
The deadline to file your 2011 tax return is April 17th. We’re told the earliest you can electronically file your 2011 tax return is January 17th.
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